Selftrade new ac query

mutley74

I have just opened a few weeks ago my own dealing account with Selftrade (got fed up with etrade).

Anyway i did all the online checks and account was opened within minutes, Then i got a letter in the post with a verification code - entered that and all no problem. then i logged in a week later (today) to add some funds...and its

"you have 18 days to send us a bank statement otherwise your account will be locked"..

Not once have they requested a bank statement from me..is this normal procedure in addition to the verification code???

(i have sent them an secure message, but concerned as i want to use my account for gen dealing tommorow)

debbie42

atpug wrote: »

Anyway i did all the online checks and account was opened within minutes, Then i got a letter in the post with a verification code - entered that and all no problem. then i logged in a week later (today) to add some funds...and its

"you have 18 days to send us a bank statement otherwise your account will be locked"..

Not once have they requested a bank statement from me..is this normal procedure in addition to the verification code???

It's their normal procedure. You can operate the account without them for the first n days (30, I think?), but if you haven't sent them in by then, the account gets frozen until you do. As long as they get in the post, you've no worries.

mutley74

debbie42 wrote: »

It's their normal procedure. You can operate the account without them for the first n days (30, I think?), but if you haven't sent them in by then, the account gets frozen until you do. As long as they get in the post, you've no worries.

thanks
thing is they have not asked for any statement proof from me...

does it have to be the bank statement my account is linked with or any statement in my name and address?

debbie42

atpug wrote: »

thing is they have not asked for any statement proof from me...

does it have to be the bank statement my account is linked with or any statement in my name and address?

It's in their FAQs.

Look for :
"What supporting documents should I send to prove my identity? "

jem16

atpug wrote: »

thanks
thing is they have not asked for any statement proof from me...

does it have to be the bank statement my account is linked with or any statement in my name and address?

Did the same with me too. No mention of it in their welcome pack. As Debbie says it is in their FAQs but it would have been helpful to have included it in the initial letter.

They want a bank statement from your linked account.

mutley74

from selftrade FAQ:
What supporting documents should I send to prove my identity?
If you have applied online and we haven't been able to open an account straight away or you are posting your application, please send us supporting documentation as detailed below. (We will return any original documents to you as soon as we have processed your application.)
============================
but my account was opened online with no probs...so dont understand why they still need proof. but will call them tommorow and get it ready to post. do they send items back?

debbie42

atpug wrote: »

do they send items back?

Yes, quite quickly, ISTR. It isn't exactly obvious, I agree, but once it's done that's it.

jem16

atpug wrote: »

from selftrade FAQ:
What supporting documents should I send to prove my identity?
If you have applied online and we haven't been able to open an account straight away or you are posting your application, please send us supporting documentation as detailed below. (We will return any original documents to you as soon as we have processed your application.)
============================
but my account was opened online with no probs...so dont understand why they still need proof. but will call them tommorow and get it ready to post. do they send items back?

I applied online too and thought I didn't need anything more in the way of proof either. learned the same way as you with a message when I logged in. They did send my statement back again.

boy_3

Selftrade are a bit annoying on things like these. You do have to send few documents initially to prove the identity. But, once it is done, it's all good. They also have a rule that you can only issue cheques from the nominated account and not any UK bank account even if it is in the same name. Can catch you out sometimes. But, they are good otherwise. Very quick to answer on things and I like the tools and site.

But, I have a got a question if you have experience with eTrade (also why have you decided to leave them?). I have been trading stocks on US market through selftrade self select ISA, but they mostly only allow access to LSE International Retail Service (IRS) stocks and few more major US companies (as they decide).
http://focus.selftrade.co.uk/en/quick/uk/index.html?Show=main.html&page=irs.html

I want better access to the US stocks. How is eTrade service in terms of access to the US stocks. If somebody has an account there, could you update me on this? A listing would be really nice. Can't find much on their website.

mutley74

boy wrote: »

Selftrade are a bit annoying on things like these. You do have to send few documents initially to prove the identity. But, once it is done, it's all good. They also have a rule that you can only issue cheques from the nominated account and not any UK bank account even if it is in the same name. Can catch you out sometimes. But, they are good otherwise. Very quick to answer on things and I like the tools and site.

But, I have a got a question if you have experience with eTrade (also why have you decided to leave them?). I have been trading stocks on US market through selftrade self select ISA, but they mostly only allow access to LSE International Retail Service (IRS) stocks and few more major US companies (as they decide).
http://focus.selftrade.co.uk/en/quick/uk/index.html?Show=main.html&page=irs.html

I want better access to the US stocks. How is eTrade service in terms of access to the US stocks. If somebody has an account there, could you update me on this? A listing would be really nice. Can't find much on their website.

I opened a Maxi ISA with etrade - but they dont allow US stocks in an ISA. For US stocks you need to open a Etrade US account.
Why i want to leave them:
-they dont offer Sell stop loss limit orders.
-they dont offer multiple limit order service

i know selftrade do as i help my father trade a lot. etrade have very good charges and offer L2 for active users more easily than selftrade. But i also find selftrade trading platform more easier and quicker to use than etrade.

boy_3

"but they dont allow US stocks in an ISA."

that is very interesting... defeats the whole purpose of trying to use a US company. Thanks for letting me know. Etrade: here I run away.